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NAI Hiffman is the largest, independent real estate services firm in the Midwest, providing leasing, management, tenant representation, capital markets, project management and marketing services for institutional and private owners and occupiers of commercial real estate. It currently leases and manages an 89+ million square foot portfolio of more than 700 commercial properties throughout the region, with a primary focus on metropolitan Chicago. With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,700 local market professionals managing more than 380 million square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit www.hiffman.com.

A joint venture was announced between Chicago-based Distribution Realty Group and East Brunswick, New Jersey-based F. Greek Development in acquiring 11.16 acres located at 990 Veterans Parkway in Bolingbrook, Illinois.

The Partnership plans to develop a 182,875-square-foot Class A distribution facility which will feature a 32’ ceiling clear height, corporate quality glass storefronts, ample dock loading, and the ability to demise for multiple tenants.

“The I-55 corridor is one of the most dynamic industrial markets in Chicago,” James Love, Managing Partner of Distribution Realty Group, said. “We have seen over 2.5 million square feet of gross absorption so far this quarter, and the activity level remains high. Bolingbrook’s pro-business reputation, high quality amenities, and favorable location along I-55 continue to attract a wide variety of industrial companies.”

“Chicago is one of the country’s Tier-1 markets. With over 1.3 billion square feet of industrial inventory, it is a critical link in the U.S. supply chain,” David Greek of F. Greek Development, said. “We are excited to be expanding our presence here.”

The overall Chicago-land industrial vacancy was 7.8% at the end of the first quarter according to NAI Hiffman. Adam Roth of NAI Hiffman represented the buyer in the transaction. Steve Caton of Caton Commercial Real Estate represented the seller.